Gold settles lower as dollar climbs for eighth session in row

2019-02-11 09:42:13 GMT (Economies.com)
Gold settles lower as dollar climbs for eighth session in row

Gold futures tilted lower in Asian trade off April 25 highs for the fourth session out of seven, as the dollar index scaled January 3 highs, in a day that lacks major data releases from the US and ahead of US-China trade talks. 

 

As of 03:56 GMT, gold futures due in April fell 0.21% to $1,315.40 an ounce away from ten-month highs, while the dollar index rose 0.06% to 96.70, heading for the longest daily winning streak since November 2016. 

 

Now investors await the third round of US-China trade talks, with US treasury secretary Steven Mnuchin and other officials heading to Beijing later this week to resume negotiations. 

 

US President Donald Trump recently said he doesn't intend to meet with Chinese leader Xi Jinping before the early March deadline for their truce, rousing concerns in the markets about returning tariffs if no deal was reached in time. 

 

Former Federal Reserve Chair Janet Yellen surprised the markets by saying the next move by the Fed will probably a rate hike as the global economy slows down and weighs on the US. 

 

Global Gold Council 

 

Global Gold Council's recent data showed purchases by global central banks rose to 1967 highs last year at 651.5 tonnes, up 74% from 2017 levels, with highest bidders being China, Poland, and Russia. 

 

The council estimated global consumption of gold rose to 4,345.1 tonnes last year from 4,159.9 tonnes, while jewels demand steadied at 2,200 tonnes. 

 

Demand from financial institutions on the other hand tumbled 67% from 2017 levels.

 
 
 
  Symbol Last Change Chg.%
1.1235
-0.0038
0.3366%
1.2527
-0.0048
0.3833%
16.341
1.123
7.383%
55.958
-4.375
7.252%
63.01
1.08
1.74%
1438.595
23.100
1.632%
 
 
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